The following article discusses the career of Cost Analyst highlighting what they do, the work environment, how to become, training and certification, education, job and salary outlook.

What We Do

As a cost analyst, you will examine all the available information on expenses and costs, in the attempt to find areas where risks exist and where savings can be made. You will also work strategically and write plans for the benefit of the company. This will enable you to recommend areas of improvement to lower costs. Finally, you will be responsible for the quality of the data on inventory and pricing.

Work Environment

Most of the time, you will work alone, in an office. The hours tend to vary, as cost analysts often work in manufacturing environments. Occasional overtime can be expected, but only minimal travel tend to be included.

How to Become

To become a cost analyst, you should be well versed in relevant software applications. You must also understand databases and have excellent oral and written communication skills. You also need to be a team player and a problem solver.

Training & Certification Requirements

Generally, you will need to hold a business administration bachelor’s degree and be CPA certified. Some experience is also usually required.

Education Requirements

Bachelor’s

Job Outlook

According to the U.S. Bureau of Labor Statistics, there will be a 9% growth in demand for cost estimators between 2014 and 2024, which is faster than the national average.

National Salary

The national average salary estimate for Cost Analyst was $66,291. This number is estimated from over 3,210 employees, users past and present job advertisements from Indeed.com. This equates to an hourly salary of $34.53 and monthly of $5,524.

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Most Reported

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$22,000

$134,000

Salary Distribution

Salary by State

The following section lists Cost Analyst salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, DC had the largest quoted salary of $86,478 while New Mexico had the smallest quoted salary of $30,470.

Alaska – $56,000

Rank: 49th

The average salary ranks 49th among states in the country. There were no current job openings from employers in this state.

Alabama – $78,000

Rank: 12th

The average salary ranks 12th among states in the country. There were no current job openings from employers in this state.

Arkansas – $74,002 (▲11% Above national average)

Rank: 13th

The average salary ranks 13th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting.

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Most Reported

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$37,000

$112,000

Salary Distribution

Arizona – $60,757 (▼8% Below national average)

Rank: 44th

The average salary ranks 44th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting.

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Most Reported

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$24,000

$114,000

Salary Distribution

California – $68,155 (●Meets national average)

Rank: 8th

The average salary ranks 8th among states in the country. There were also job openings from employers like TargetCW, Robert Half Finance & Accounting, Large Construction Products Company, and CyberCoders.

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Most Reported

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$22,000

$138,000

Salary Distribution

Colorado – $65,003 (●Meets national average)

Rank: 34th

The average salary ranks 34th among states in the country. There were also job openings from employers like University of Colorado.

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Most Reported

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$24,000

$125,000

Salary Distribution

Connecticut – $71,254 (▲7% Above national average)

Rank: 4th

The average salary ranks 4th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting.

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Most Reported

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$35,000

$120,000

Salary Distribution

DC – $86,478 (▲30% Above national average)

Rank: 1st

The average salary ranks 1st among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, MSAG, and Riverbend Development Consulting.

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Most Reported

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$36,000

$158,000

Salary Distribution

Delaware – $67,000

Rank: 39th

The average salary ranks 39th among states in the country. There were no current job openings from employers in this state.

Florida – $58,757 (▼11% Below national average)

Rank: 28th

The average salary ranks 28th among states in the country. There were also job openings from employers like Stephen James Associates, Inc., Creative Financial Staffing, Primary Recruiting Services, and AppleOne.

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Most Reported

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$14,000

$147,000

Salary Distribution

Georgia – $61,757 (▼7% Below national average)

Rank: 5th

The average salary ranks 5th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting.

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Most Reported

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$20,000

$125,000

Salary Distribution

Hawaii – $47,000

Rank: 52nd

The average salary ranks 52nd among states in the country. There were no current job openings from employers in this state.

Iowa – $74,286 (▲12% Above national average)

Rank: 19th

The average salary ranks 19th among states in the country. There were also job openings from employers like Accounting Career Network.

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Most Reported

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$37,000

$117,000

Salary Distribution

Idaho – $50,000

Rank: 51st

The average salary ranks 51st among states in the country. There were no current job openings from employers in this state.

Illinois – $70,219 (▲6% Above national average)

Rank: 6th

The average salary ranks 6th among states in the country. There were also job openings from employers like Federal Government Jobs, CFS, Inc., Parker and Lynch, and System One.

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Most Reported

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$23,000

$142,000

Salary Distribution

Indiana – $70,498 (▲6% Above national average)

Rank: 21st

The average salary ranks 21st among states in the country. There were also job openings from employers like Systematic business consulting, MJ Recruiters, LLC, Professional Recruiting Partners, LLC, and Ploeger Recruiting Services.

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Most Reported

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$35,000

$114,000

Salary Distribution

Kansas – $70,000

Rank: 31st

The average salary ranks 31st among states in the country. There were no current job openings from employers in this state.

Kentucky – $57,720 (▼13% Below national average)

Rank: 42nd

The average salary ranks 42nd among states in the country. There were also job openings from employers like Vaco, LLC.

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Most Reported

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$29,000

$89,000

Salary Distribution

Louisiana – $64,375 (●Meets national average)

Rank: 33rd

The average salary ranks 33rd among states in the country. There were also job openings from employers like Associated Staffing Consultants,Inc. and Progressive Recruitment.

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Most Reported

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$24,000

$124,000

Salary Distribution

Massachusetts – $75,833 (▲14% Above national average)

Rank: 3rd

The average salary ranks 3rd among states in the country. There were also job openings from employers like KBW Financial, Stone Staffing, Inc., Robert Half Finance & Accounting, and Granite Telecommunications.

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Most Reported

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$23,000

$158,000

Salary Distribution

Maryland – $79,262 (▲19% Above national average)

Rank: 10th

The average salary ranks 10th among states in the country. There were also job openings from employers like National Security Agency and ICONMA, LLC..

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Most Reported

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$24,000

$165,000

Salary Distribution

Maine – $68,000

Rank: 35th

The average salary ranks 35th among states in the country. There were no current job openings from employers in this state.

Michigan – $68,199 (●Meets national average)

Rank: 14th

The average salary ranks 14th among states in the country. There were also job openings from employers like Large Construction Products Company, Venteon, Kforce Finance and Accounting, and Robert Half Finance & Accounting.

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Most Reported

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$27,000

$128,000

Salary Distribution

Minnesota – $73,950 (▲11% Above national average)

Rank: 40th

The average salary ranks 40th among states in the country. There were also job openings from employers like Manpower.

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Most Reported

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$37,000

$122,000

Salary Distribution

Missouri – $61,700 (▼7% Below national average)

Rank: 20th

The average salary ranks 20th among states in the country. There were also job openings from employers like Monsanto and Robert Half Finance & Accounting.

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Most Reported

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$21,000

$122,000

Salary Distribution

Mississippi – $80,000

Rank: 9th

The average salary ranks 9th among states in the country. There were no current job openings from employers in this state.

Montana – $64,000

Rank: 43rd

The average salary ranks 43rd among states in the country. There were no current job openings from employers in this state.

North Carolina – $73,994 (▲12% Above national average)

Rank: 25th

The average salary ranks 25th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, Search Solution Group, Aerotek, and Robert Half Management Resources.

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Most Reported

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$28,000

$142,000

Salary Distribution

North Dakota – $68,000

Rank: 36th

The average salary ranks 36th among states in the country. There were no current job openings from employers in this state.

Nebraska – $57,457 (▼13% Below national average)

Rank: 50th

The average salary ranks 50th among states in the country. There were also job openings from employers like NewCareers, JD Cotter Search, Inc., Affinity Executive Search, and Bertram & Associates.

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Most Reported

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$28,000

$87,000

Salary Distribution

New Hampshire – $76,000

Rank: 16th

The average salary ranks 16th among states in the country. There were no current job openings from employers in this state.

New Jersey – $63,000 (●Meets national average)

Rank: 7th

The average salary ranks 7th among states in the country. There were also job openings from employers like Parker and Lynch and Robert Half Finance & Accounting.

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Most Reported

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$23,000

$121,000

Salary Distribution

New Mexico – $30,470 (▼47% Below national average)

Rank: 41st

The average salary ranks 41st among states in the country. There were also job openings from employers like U.S. Air Force and Staffing Solutions.

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Most Reported

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$7.90

$23.85

Salary Distribution

Nevada – $58,000

Rank: 47th

The average salary ranks 47th among states in the country. There were no current job openings from employers in this state.

New York – $75,783 (▲14% Above national average)

Rank: 2nd

The average salary ranks 2nd among states in the country. There were also job openings from employers like DASNY – Dormitory Authority of the State of New York, Robert Half Finance & Accounting, Hire Resolve, and CyberCoders.

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Most Reported

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$26,000

$150,000

Salary Distribution

Ohio – $63,258 (●Meets national average)

Rank: 26th

The average salary ranks 26th among states in the country. There were also job openings from employers like fulltimeGiGS, Robert Half Finance & Accounting, Global distrubutor of after market auto parts., and Omni One.

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Most Reported

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$28,000

$112,000

Salary Distribution

Oklahoma – $71,000

Rank: 29th

The average salary ranks 29th among states in the country. There were no current job openings from employers in this state.

Oregon – $64,248 (●Meets national average)

Rank: 22nd

The average salary ranks 22nd among states in the country. There were also job openings from employers like Apex Systems.

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Most Reported

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$25,000

$120,000

Salary Distribution

Pennsylvania – $64,531 (▲12% Above national average)

Rank: 23rd

The average salary ranks 23rd among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, System One, The Judge Group, and Robert Half Management Resources.

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Most Reported

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$8.25

$76.10

Salary Distribution

Rhode Island – $70,000

Rank: 32nd

The average salary ranks 32nd among states in the country. There were no current job openings from employers in this state.

South Carolina – $65,242 (●Meets national average)

Rank: 17th

The average salary ranks 17th among states in the country. There were also job openings from employers like PrincetonOne, FGP International, and Robert Half Finance & Accounting.

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Most Reported

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$32,000

$110,000

Salary Distribution

South Dakota – $58,000

Rank: 48th

The average salary ranks 48th among states in the country. There were no current job openings from employers in this state.

Tennessee – $71,000

Rank: 30th

The average salary ranks 30th among states in the country. There were no current job openings from employers in this state.

Texas – $65,325 (●Meets national average)

Rank: 24th

The average salary ranks 24th among states in the country. There were also job openings from employers like Large Construction Products Company, Vaco, LLC, Robert Half Finance & Accounting, and Parker and Lynch.

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Most Reported

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$18,000

$141,000

Salary Distribution

Utah – $64,979 (●Meets national average)

Rank: 46th

The average salary ranks 46th among states in the country. There were also job openings from employers like U.S. Air Force.

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Most Reported

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$20,000

$134,000

Salary Distribution

Virginia – $74,275 (▲12% Above national average)

Rank: 15th

The average salary ranks 15th among states in the country. There were also job openings from employers like Federal Government Jobs, Northrop Grumman, Robert Half Finance & Accounting, and Residential REIT.

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Most Reported

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$21,000

$160,000

Salary Distribution

Vermont – $68,000

Rank: 37th

The average salary ranks 37th among states in the country. There were no current job openings from employers in this state.

Washington – $49,812 (●Meets national average)

Rank: 11th

The average salary ranks 11th among states in the country. There were also job openings from employers like Parker and Lynch, Washington State Department of Corrections, State of Washington, and Washington State Health Care Authority.

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Most Reported

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$1,700

$7,500

Salary Distribution

Wisconsin – $61,058 (▼8% Below national average)

Rank: 38th

The average salary ranks 38th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, Kforce Finance and Accounting, Kforce, and Epcot Technologies.

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Most Reported

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$28,000

$106,000

Salary Distribution

West Virginia – $72,000

Rank: 27th

The average salary ranks 27th among states in the country. There were no current job openings from employers in this state.

Wyoming – $63,000

Rank: 45th

The average salary ranks 45th among states in the country. There were no current job openings from employers in this state.

Top 20 National Employers

According to Indeed.com, the following states had employers looking to hire a Cost Analyst. The quoted salary figure represents the average salary from all job postings by this employer.

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